FX.co ★ Apple more room for downside

Apple is one of the prime stocks, trading at the price of $532. It made a good rally from June's lows. Correcting itself after an up move. It shows the bull image in the charts. In the longer term the company sales show a solid growth.В  Apple trying to expand their customer base in China. Apple and China mobile have entered into a multi-year agreement to bring 3G, 4G networks beginning on Friday, January 17. China mobile is the world's largest mobile services provider and the largest customer base as well.

In the technical front Apple hit the 52-week high at the level of $574.75. After that it starts a downfall broken it previous support. Momentum oscillators indicating a sell mode. Prices are trading below 21DEMA, bears favouring factors are adding in the daily charts.

Support: $505

Resistance: $547.5, $565.30В 

We could expect the next up move only above the level of $569,until prices looking downwards. A lot of room on the downside.В